Основы экономики. Земскова Л.П. - 10 стр.

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ВГУ | Воронеж

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10
markets for different goods. How is determined by firms’ decisions about the
best way to produce. For whom is determined by the ability and willingness
of consumers to pay for different goods, which is determined in turn by the
prices at which they can sell their labor and the value of their wealth.
KEY TERMS
Market
Demand
Quantity demanded
Quantity bought
Demand schedule
Demand curve
Supply
Quantity supplied
Quantity sold
Supply schedule
Supply curve
Excess demand (shortage)
Excess supply (surplus)
Equilibrium quantity
Substitutes
Complements
Normal goods
Inferior goods
PROBLEMS
1. Suppose cold weather makes it more difficult to catch fish. What happens to
the supply curve for fish? What happens to equilibrium price and quantity?
Describe other aftereffects.
2. Explain how an increase in income will affect the demand curve for an
inferior good. What happens to price and quantity?
3. Explain why the price of a good starts rising this month when people expect
that its price will go up next month.
LECTURE 4. MEASURING THE MACROECONOMY
1. Gross national product is the key measure of economic activity. GNP is
defined as the market value of all goods and services produced within a given
period by domestically owned factors of production.
2. Gross domestic product (GDP) is the value of the output of goods and
services produced in the domestic economy. It differs from GNP by an
amount equal to net income from abroad.

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